Q2 2025 NVIDIA Corp Earnings Call Transcript
Key Points
- NVIDIA Corp (NVDA) reported record revenue of $30 billion for Q2, up 15% sequentially and 122% year-on-year, surpassing their outlook of $28 billion.
- Data center revenue reached a record $26.3 billion, driven by strong demand for NVIDIA Hopper GPU computing and networking platforms.
- The NVIDIA H200 platform began ramping in Q2, offering over 40% more memory bandwidth compared to the H100.
- NVIDIA's enterprise AI initiatives are gaining traction, with significant partnerships and deployments across various industries.
- Automotive and healthcare sectors are emerging as multi-billion dollar opportunities for NVIDIA, driven by advancements in AI and autonomous technologies.
- GAAP and non-GAAP gross margins were down sequentially due to a higher mix of new products within the data center and inventory provisions for low-yielding Blackwell material.
- The China market remains competitive, and while data center revenue in China grew sequentially, it is still below levels seen prior to export controls.
- There are concerns about the readiness of customers for liquid cooling, which could impact the ramp-up of Blackwell products.
- Operating expenses increased by 12% sequentially, primarily due to higher compensation-related costs.
- The transition to new products and the associated cost structures could lead to fluctuations in gross margins in the upcoming quarters.
Good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to NVIDIA's second-quarter earnings call. (Operator Instructions) Thank you.
Mr. Stewart Stecker, you may begin.
Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the second quarter of fiscal 2025. With me today from NVIDIA are Jensen Huang, President and Chief Executive Officer; and Colette Kress, Executive Vice President and Chief Financial Officer.
I would like to remind you that our call is being webcast live on NVIDIA's Investor Relations website. Our webcast will be available for replay after the conference call to discuss our financial results for the third quarter of fiscal 2025. The content of today's call is NVIDIA's property and cannot be reproduced or transcribed without prior written consent.
During this call, we may make forward-looking statements based on current expectations. These are subject to
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